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CXO > SEC Filings for CXO > Form 8-K on 21-Nov-2016All Recent SEC Filings

Show all filings for CONCHO RESOURCES INC



Unregistered Sale of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities.

On November 19, 2016, COG Operating LLC (the "Buyer"), a wholly owned subsidiary of Concho Resources Inc. (the "Company"), entered into a definitive purchase and sale agreement (the "Purchase Agreement") with an undisclosed third party (the "Seller") and, solely with respect to certain sections specified therein, the Company. Pursuant to the Purchase Agreement, the Buyer agreed to acquire certain interests in oil and gas properties, rights and related assets of the Seller located in the northern Delaware Basin (the "Acquisition"). As partial consideration for the Acquisition, the Company agreed to issue to the Seller 2,177,300 shares of common stock of the Company at a per share value of $128.60 (the "Company Stock"), having an aggregate value for purposes of the Purchase Agreement of approximately $280.0 million. The Acquisition is expected to close in January 2017, subject to customary closing conditions.

The issuance of the Company Stock under the Purchase Agreement will be made in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and the regulations promulgated thereunder. The Company will rely on this exemption from registration based in part on representations made by the Seller.

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